Oil prices drop 6% as Trump cancels Iran attack for nuclear deal pursuit

Oil prices tumbled by 6% following the decision by Trump to cancel a planned attack on Iran in an effort to pursue a nuclear deal. This reduction in geopolitical tensions is expected to stabilize oil prices and enhance market confidence, thereby decreasing the probability of crude price spikes. The shift in diplomatic strategy led to a significant drop in oil costs as the threat of immediate conflict diminished across the global energy markets.